Century-old Georgica section estate in East Hampton cuts $2M from asking price

The home is now asking $14.495M, down from the original $16.9M asking price

By Grace Cassidy Sep 4, 2018, 10:13am EDT

A 3-acre estate in the south-of-the-highway Georgica section of East Hampton has just taken more than $2 million off its original $16.9 million asking price. Located at 253 Cove Hollow Road, the shingled home is now asking $14,495,000 under Sotheby’s International Realty agents, Frank Newbold and Beate Moore.

According to Mansion Global, the property currently belongs to Jack Grubman, the former managing director of Salomon Smith Barney, an investment bank. In 2000, Grubman purchased the property for $7 million under the limited liability company, the Magee Group.

Originally built in 1906, the 7,000-square-foot home hosts seven bedrooms, six full bathrooms, and two half-bathrooms. Interiors include vaulted beamed ceilings in the living room, a paneled library, an eat-in kitchen, and multiple French doors that lead outside. The second-floor master suite offers a fireplace and a private sun porch.

In 2002, the home was totally renovated. During this renovation, bedrooms and a 1,200-square-foot guest house were added. The legal barn guest house has a double-height great room, bluestone floors, a full kitchen, and a bedroom suite.

Outside, there are stone terraces, a heated pool, a Har-Tru tennis court, and a three-car garage.

This is the first price cut that the property has seen since it was listed for sale in October of 2017.